Azerbaijan, Baku, Aug. 21 / Trend A.Akhundov /
The National Fund for Entrepreneurship Support (NFES) under the Economic Development Ministry of Azerbaijan, organized the next event on the topic "State support to entrepreneurship in the regions", attended by about 200 entrepreneurs, working in Ganja-Gazakh economic region, in the Gedabek region, the ministry said.
Within the event favorable loans totaling approximately 400,000 manat were issued to 33 entrepreneurs through the authorized credit organizations.
Some 76 new job places will be opened at the expense of these funds.
NFES also held a training during which entrepreneurs were briefed on the mechanism of issuing favorable loans, the formation of business ideas, preparation and rules for investment projects.
The participants familiarized with construction works undertaken by the Azerbaijani-Russian company Azəri-Kuban region in Tovuz on construction of grain storage with capacity of 30,000 tons, the Primyer company on construction of refrigeration warehouse complex with a capacity of 1,500 tons and the company Azər Aqro LTD on the final construction of refrigeration warehouse complex with a capacity of 2,000 tons.
NFES was established in 1992. Loans are allotted to entrepreneurs through authorized banks and non-bank credit organizations, whose overall number is 36. In 2009, NFES issued more than 2,100 loans through authorized credit organizations, totaling 130 million manat. Thus, in 2009 compared to 2008, the number of entrepreneurs who have received preferential loans from the funds NFES has increased by 2.6 times and the volume of loans - 48 percent.
In 2010, the Fund plans to provide preferential loans worth at least 115 million manat, of which 44 million manat will be provided from the state budget and 71 million manat - interest payments and repayment of previously granted loans. The fund has already allocated credits to 20 million manat in the first quarter.
The fund named agriculture, light industry and food processing are priority areas for funding in 2010.
Aug. 13, official exchange rate is 0.8036 manat to $1.